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Transcript of Money Matters: Everything LIRT chairs need to know about the budget and how to access funds

Money Matters LIRT finances Finding out how money has been allocated Requesting additional funds In summary LIRT’s funding comes from the dues paid by our members. We receive $15/per person or $25/per organization.

LIRT’s budget works on a fiscal year. Our fiscal year runs from August 31- September 1. A preliminary LIRT budget is determined at the Midwinter before the fiscal year begins, but additional requests can be made at Annual. At Midwinter 2013 we will decide on LIRT’s preliminary budget for August 31, 2013 – September 1, 2014. We will revisit that budget again at Annual in June of 2013.

At the close of our last fiscal year, LIRT’s net asset balance was $118,437.We brought in $48,650 and we spent $21,093. The LIRT Treasurer presents copies of LIRT's financial reports and budgets at the the executive and steering committee meetings at Midwinter and Annual.

If you're unable to attend those meetings, please go ahead and contact Victor Baez, LIRT Treasurer at victor.baeza@okstate.edu to receive a copy of the report. This way you'll know if your committee has already requested money for the current or upcoming fiscal year. The LIRT treasure, Victor Baez, can approve requests not in the budget during the year as long as the amount is less than $100.

If you need funds in excess of $100, requests can be added to the budget, pending approval by the executive committee. You should contact LIRT President, Mardi Mahaffey, mmahaffy@lib.nmsu.edu, for more information on how to submit such a request. LIRT’s budgetary fiscal year runs from Aug 31- Sep 1.

Committees should try to submit budget requests by October so those requests can be added to the preliminary budget approved at Midwinter.

Committees can always request additional funds either by contacting the treasurer or by submitting an additional request to the executive committee via the president.